There are many ways in which bankruptcy can be right for you, and many issues that can lead you on this path. Bankruptcy can wipe your slate clean, either through straight bankruptcy or a reorganization of your debts.
If your home is risking foreclosure, bankruptcy can stop this from happening and put a payment structure in place for you to pay off your arrears. Bankruptcy can get your car or other property returned to you if it has been repossessed by a creditor. Large medical bills, either on their own or combined with a loss of employment, can create a nearly impossible situation to climb out of. Bankruptcy can help you out of this and possibly reduce or wipe away your medical bills.
Bankruptcy can stop creditors from harassing you, especially if they are pushing the boundaries of decent behavior. It can prevent your utilities from being shut off or restore them if they are already off. Although your student loans will not be eliminated, bankruptcy can help consolidate these debts and allow you to pay them off in a reasonable manner. It will end wage garnishment, allowing you to purchase life’s necessities, and help you challenge fraudulent creditors who are trying to take more than you owe.
Many of these issues can overlap in your particular situation and bankruptcy may be the right way to re-start your financial life with a clean slate.
http://www.refresharticles.com/articles/bankruptcy/Is%20bankruptcy%20right%20for%20me.txt
Wednesday, November 14, 2007
Getting Loans after Bankruptcy
There are many things that are challenging to succeed at in this world, and finding approval for loans after bankruptcy can be one of the hardest. Bankruptcy is something that is going to stay on your credit report for as long as ten years, which makes it a very difficult stain on your credit rating to dig out from underneath. However, there are some steps that you can take to increase your odds of applying for and being accepted for loans after bankruptcy.
Important Factors to Remember when Applying for Loans
Remember that when it comes to loans after bankruptcy, you are going to be dealing with bankers one on one. A lot of the bigger banks have mathematical equations that they use to decide whether or not you are going to be able to get loans after bankruptcy, but some of the smaller banks are still willing to sit down and talk to you. If you have gone through bankruptcy in the past, but are ready to put your credit history back on sound footing, your best chance to get loans after bankruptcy is to sit down with the people who make the decisions and talk to them.
You should be prepared to discuss your bankruptcy and the reasons behind it openly and honestly, and what steps are in place to ensure that it won’t happen to you again. If you are able to convince the bank manager that you can be trusted, and you have the right documentation to show him that will support your statements, there is a good chance that you are going to be able to get loans after bankruptcy.
An important part of getting loans after bankruptcy includes having collateral in your name that you can put up against a loan. If you have just gone through bankruptcy, there is going to be a chance that your assets have shrunk considerably. If this is the case, the first step to reestablishing credit will be to regain some of those assets in your own name. This process may take some time and patience on your part, and you might be surprised at how hard you have to work hard to rebuild your credit, but rest assured that it is something that can be done quite. Building back your positive credit rating and your asset base is a great way to become eligible for loans after bankruptcy. If you are successful in finding someone to give you loans after bankruptcy, you will be on the road to a positive credit rating and a sound financial picture once again.
http://www.refresharticles.com/articles/bankruptcy/loans%20after%20bankruptcy.TXT
Important Factors to Remember when Applying for Loans
Remember that when it comes to loans after bankruptcy, you are going to be dealing with bankers one on one. A lot of the bigger banks have mathematical equations that they use to decide whether or not you are going to be able to get loans after bankruptcy, but some of the smaller banks are still willing to sit down and talk to you. If you have gone through bankruptcy in the past, but are ready to put your credit history back on sound footing, your best chance to get loans after bankruptcy is to sit down with the people who make the decisions and talk to them.
You should be prepared to discuss your bankruptcy and the reasons behind it openly and honestly, and what steps are in place to ensure that it won’t happen to you again. If you are able to convince the bank manager that you can be trusted, and you have the right documentation to show him that will support your statements, there is a good chance that you are going to be able to get loans after bankruptcy.
An important part of getting loans after bankruptcy includes having collateral in your name that you can put up against a loan. If you have just gone through bankruptcy, there is going to be a chance that your assets have shrunk considerably. If this is the case, the first step to reestablishing credit will be to regain some of those assets in your own name. This process may take some time and patience on your part, and you might be surprised at how hard you have to work hard to rebuild your credit, but rest assured that it is something that can be done quite. Building back your positive credit rating and your asset base is a great way to become eligible for loans after bankruptcy. If you are successful in finding someone to give you loans after bankruptcy, you will be on the road to a positive credit rating and a sound financial picture once again.
http://www.refresharticles.com/articles/bankruptcy/loans%20after%20bankruptcy.TXT
The Difficulty in Medical Bankruptcy
As the world becomes more and more unhealthy, medical bankruptcy becomes more likely as people fight to cure various diseases and ailments associated with their lifestyle. Unforeseen medical bills can also wreak havoc on individuals that are unable to work while they are seriously ill. This may also be the case for individuals who have health insurance. Medical bankruptcy may be treated with a bit more sympathy by some courts, depending on the situation of the individual.
Examples of Groups Filing for Medical Bankruptcy
People who are 65 and over are more likely to suffer from medical bankruptcy than younger and healthier age groups. It goes without saying that the body becomes more prone to illness the older that we get. This makes it inevitable that as we get older and can longer work to pay the bills, we may be faced with medical bankruptcy in the case of a serious illness, if we have not taken preventative measures prior to the diagnosis.
Another group which is likely to file for medical bankruptcy is that of young single mothers. If their spouses have abandoned them and their children, and do not pay any child support, the mother will be left to pay these high expenses by herself. It is a difficult situation for any parent who has a sick child to care for, and if it is the parent who is sick herself then there will be no one to earn the money to pay the bills.
Low wage earners are another group that may find themselves filing for medical bankruptcy. At times it may be difficult to find jobs that can support all of a family’s needs, so finding the money for unexpected medical bills can be a nearly impossible task for this group. Poor education and lack of practical skills can be attributing factors to this problem, and will require further investigation when the time arises.
Some people will file for medical bankruptcy simply because the medical systems are not willing to work out any payment schedules for them to repay their debts. Cases such as these have risen steadily over the years, and are now quite a common occurrence in bankruptcy courts around the country. Since many folks do not have large amounts of money readily available to pay mounting hospital costs, the only choice for some is to declare medical bankruptcy.
If you fall into any of these categories, you may find the claiming medical bankruptcy is the best choice for you to get out from under the weight of your bills. This bankruptcy is normally seen in a more sympathetic light than others by the courts and lenders, since the circumstances are generally unforeseen and unavoidable.
http://www.refresharticles.com/articles/bankruptcy/medical_bankruptcy.TXT
Examples of Groups Filing for Medical Bankruptcy
People who are 65 and over are more likely to suffer from medical bankruptcy than younger and healthier age groups. It goes without saying that the body becomes more prone to illness the older that we get. This makes it inevitable that as we get older and can longer work to pay the bills, we may be faced with medical bankruptcy in the case of a serious illness, if we have not taken preventative measures prior to the diagnosis.
Another group which is likely to file for medical bankruptcy is that of young single mothers. If their spouses have abandoned them and their children, and do not pay any child support, the mother will be left to pay these high expenses by herself. It is a difficult situation for any parent who has a sick child to care for, and if it is the parent who is sick herself then there will be no one to earn the money to pay the bills.
Low wage earners are another group that may find themselves filing for medical bankruptcy. At times it may be difficult to find jobs that can support all of a family’s needs, so finding the money for unexpected medical bills can be a nearly impossible task for this group. Poor education and lack of practical skills can be attributing factors to this problem, and will require further investigation when the time arises.
Some people will file for medical bankruptcy simply because the medical systems are not willing to work out any payment schedules for them to repay their debts. Cases such as these have risen steadily over the years, and are now quite a common occurrence in bankruptcy courts around the country. Since many folks do not have large amounts of money readily available to pay mounting hospital costs, the only choice for some is to declare medical bankruptcy.
If you fall into any of these categories, you may find the claiming medical bankruptcy is the best choice for you to get out from under the weight of your bills. This bankruptcy is normally seen in a more sympathetic light than others by the courts and lenders, since the circumstances are generally unforeseen and unavoidable.
http://www.refresharticles.com/articles/bankruptcy/medical_bankruptcy.TXT
Mortgages and Bankruptcy: A Few Simple Steps
Most often a person will only file bankruptcy after having exhausted all other options. However, there are certain key reasons that will affect individuals and cause them to file for bankruptcy, which include high debts as well as long non-payment history. Keep in mind that it is a lot harder to get a loan after bankruptcy has been filed, which can affect your ability to purchase a much needed house or car during the ten years after the filing, when the bankruptcy can appear on your credit history.
Stay Positive and do not get Rattled
Mortgages and bankruptcy need not be an insurmountable problem, because there are methods for working through these obstacles. Making an appointment with a credit counselor that provides assistance in getting a mortgage after bankruptcy is a good option. Getting a mortgage after bankruptcy is possible if the person has a positive outlook, and plenty of persistence and patience.
Mortgages and bankruptcy are not conditions that mutually exclude one another, since a bankruptcy on the credit history can affect your ability to get a mortgage loan. One way around this is to provide your prospective lender with a letter of explanation regarding the circumstances of your bankruptcy. Even though the interest rates are higher, lenders do take the initiative in making it easier to obtain a mortgage after bankruptcy. They may consider the debtor’s repayment history, or the circumstances regarding the bankruptcy. For example, a sudden and severe health issue that contributed to the financial problems might make it easier to get a mortgage after bankruptcy. Getting expert advice from an attorney regarding mortgage and bankruptcy is recommended, as well as selecting the right mortgage provider that will be willing to work with your individual situation.
With online communications and electronic commerce, it has become much simpler to research and find available financial options regarding mortgage and bankruptcy. With e-mails and toll-free numbers, a debtor can get the facts pertaining to mortgage and bankruptcy, and customer care executives will always have the latest information. Most credit counselors will enjoy good relations with mortgage providers and will be of help under such circumstances.
In the final analysis, bankruptcy is no doubt devastating to personal finances; however, one can still get back on track since bankruptcy does not last forever and rebuilding credit should go a long way in getting a mortgage even after bankruptcy. The debtor should work to rebuild his credit rating, prepare the mortgage application and comparison shop for the best mortgage loan. Mortgage and bankruptcy can easily be overcome with these simple steps.
http://www.refresharticles.com/articles/bankruptcy/mortgages_and_bankruptcy.TXT
Stay Positive and do not get Rattled
Mortgages and bankruptcy need not be an insurmountable problem, because there are methods for working through these obstacles. Making an appointment with a credit counselor that provides assistance in getting a mortgage after bankruptcy is a good option. Getting a mortgage after bankruptcy is possible if the person has a positive outlook, and plenty of persistence and patience.
Mortgages and bankruptcy are not conditions that mutually exclude one another, since a bankruptcy on the credit history can affect your ability to get a mortgage loan. One way around this is to provide your prospective lender with a letter of explanation regarding the circumstances of your bankruptcy. Even though the interest rates are higher, lenders do take the initiative in making it easier to obtain a mortgage after bankruptcy. They may consider the debtor’s repayment history, or the circumstances regarding the bankruptcy. For example, a sudden and severe health issue that contributed to the financial problems might make it easier to get a mortgage after bankruptcy. Getting expert advice from an attorney regarding mortgage and bankruptcy is recommended, as well as selecting the right mortgage provider that will be willing to work with your individual situation.
With online communications and electronic commerce, it has become much simpler to research and find available financial options regarding mortgage and bankruptcy. With e-mails and toll-free numbers, a debtor can get the facts pertaining to mortgage and bankruptcy, and customer care executives will always have the latest information. Most credit counselors will enjoy good relations with mortgage providers and will be of help under such circumstances.
In the final analysis, bankruptcy is no doubt devastating to personal finances; however, one can still get back on track since bankruptcy does not last forever and rebuilding credit should go a long way in getting a mortgage even after bankruptcy. The debtor should work to rebuild his credit rating, prepare the mortgage application and comparison shop for the best mortgage loan. Mortgage and bankruptcy can easily be overcome with these simple steps.
http://www.refresharticles.com/articles/bankruptcy/mortgages_and_bankruptcy.TXT
Understanding New Bankruptcy Laws
New bankruptcy laws are always being proposed in order to protect both people and creditors. Most proposals usually die in committee before ever being voted on by the full congress. Recently however, there have been some new laws that have sided with the creditors.
Understanding new bankruptcy laws is something that the average person might not be able to do. For the best and most accurate information available, a bankruptcy attorney should be sought out. They have the most accurate knowledge of current laws and a great understanding of laws being considered.
Most people cannot even begin to understand all of the new bankruptcy laws because they are extremely complicated. It’s really amazing that the attorneys can keep up with all of it. As the laws change, they become more and more complicated. Part of the problem is that many who make the laws are attorneys themselves.
They try to enact new laws without any loopholes. The new laws become so confusing because of the verbiage used to prevent individuals from taking advantage of bankruptcy laws. There are many sources available to people on the internet that try to make the law easier to understand. The only problem with this is that the information provided on the internet might not be completely correct.
New Bankruptcy Laws and The Public
Lately there have been new bankruptcy laws that have been passed to protect creditors from being taken advantage of. There is now more of a burden being placed on the people who are filing bankruptcy. No longer can people file bankruptcy as a convenient way out of not paying ones bills.
The new bankruptcy laws make it more difficult to cheat the system. There will always be people who need the coverage that bankruptcy delivers. When bankruptcy is needed for people in trouble, nothing has changed to make it harder. With that being said, people must show the need for bankruptcy by opening up for review the people’s finances.
If people are in real need of bankruptcy protection then there is nothing to worry about. What this does is slow down or stop others who might otherwise try to take advantage of their situation. Lastly, if people begin to think that they are heading towards bankruptcy, they should contact there attorney to see what can be done without filing. The attorney can determine if the people can avert bankruptcy or not.
http://www.refresharticles.com/articles/bankruptcy/new_bankruptcy_laws.TXT
Understanding new bankruptcy laws is something that the average person might not be able to do. For the best and most accurate information available, a bankruptcy attorney should be sought out. They have the most accurate knowledge of current laws and a great understanding of laws being considered.
Most people cannot even begin to understand all of the new bankruptcy laws because they are extremely complicated. It’s really amazing that the attorneys can keep up with all of it. As the laws change, they become more and more complicated. Part of the problem is that many who make the laws are attorneys themselves.
They try to enact new laws without any loopholes. The new laws become so confusing because of the verbiage used to prevent individuals from taking advantage of bankruptcy laws. There are many sources available to people on the internet that try to make the law easier to understand. The only problem with this is that the information provided on the internet might not be completely correct.
New Bankruptcy Laws and The Public
Lately there have been new bankruptcy laws that have been passed to protect creditors from being taken advantage of. There is now more of a burden being placed on the people who are filing bankruptcy. No longer can people file bankruptcy as a convenient way out of not paying ones bills.
The new bankruptcy laws make it more difficult to cheat the system. There will always be people who need the coverage that bankruptcy delivers. When bankruptcy is needed for people in trouble, nothing has changed to make it harder. With that being said, people must show the need for bankruptcy by opening up for review the people’s finances.
If people are in real need of bankruptcy protection then there is nothing to worry about. What this does is slow down or stop others who might otherwise try to take advantage of their situation. Lastly, if people begin to think that they are heading towards bankruptcy, they should contact there attorney to see what can be done without filing. The attorney can determine if the people can avert bankruptcy or not.
http://www.refresharticles.com/articles/bankruptcy/new_bankruptcy_laws.TXT
Subscribe to:
Posts (Atom)